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Meridian Funds Big Land Buy in Midtown

NEW YORK CITY-Sheldon Solow, known for holding investments, sells an East Side parcel.

By Rayna Katz | Updated on March 14, 2013

NEW YORK CITY-Meridian Capital Group has negotiated acquisition financing on behalf of JDS Development Group for a sprawling vacant lot on First Avenue, in the Murray Hill section of Manhattan, the firm reported Thursday.

The loan was provided by UBS Real Estate Securities Inc. and originated by Meridian managing director Moshe Majeski. The loan terms were negotiated by managing directors Ronnie Levine and Aaron Appel. JDS purchased the 730,426 square foot development site located at 616 First Avenue from Sheldon Solow and intends to construct two multifamily towers there. Plans call for a 37-story building and a 47-story building, containing a total of 830 units.

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